Continuity Trade Agreement with Vietnam has been saved
Continuity Trade Agreement with Vietnam
Trade and market access
Brexit pulse alert: respond to the business impacts of Brexit
10 December, 2020
The UK government has concluded a continuity trade agreement with Vietnam to ensure businesses in both countries can continue to trade on largely the same terms as present.
Top Brexit impacts
The agreement provides confidence to businesses that trade between the UK and Vietnam will continue on largely the same terms as at present.
The UK government has stated that the agreement will “maintain an important trading relationship that has tripled between 2010 and 2019 in nominal terms to £5.7 billion. 99% of tariffs will be eliminated after seven years, including on machinery and pharmaceutical products, our top exports to Vietnam”.
Actions for business
Businesses trading within the UK-Vietnam corridor will now be able to plan for the future with greater certainty. Once published, firms will have a short period of time to examine the legal text of the agreement, which will come into effect on 1 January 2021 after the transition period.
To discuss specific support with your Brexit preparations based on this latest development contact: Deloitte Brexit Insight